Drivers may get a break at the pump in August

Monday

Jul 30, 2012 at 4:05 PM

The price of regular gasoline has jumped 16 cents a gallon nationwide since July 1, but some experts believe the cost may level off next month because of weak demand.

The price of regular gasoline has jumped 16 cents a gallon nationwide since July 1, but some experts believe the cost may level off next month because of weak demand.“Motorists may see some stability at the pump as we enter August,'' Jessica Brady, spokeswoman for AAA, the Auto Club Group, said in AAA's weekly price roundup.“Although gas prices will likely inch up this week, we shouldn't see prices spike like they did during the first half of the month,” said Brady.The national average price of regular unleaded gasoline is $3.49, a 2 cent increase from last week.Oil prices have hovered around $90 a barrel for the past three weeks and caused the national average to jump 16 cents since July 1.Last week, U.S. stockpiles of crude oil unexpectedly climbed by 3 million barrels to the highest level in 13 years, a sign of weak demand, according to AAA.Despite the lackluster demand numbers and eased tensions with Iran, speculators continue to keep upward pressure on oil prices in hopes European leaders will take measures to stimulate demand.A barrel of oil settled Friday at $90.13 on the New York Mercantile Exchange—$1.31 less than the previous week.

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